THIS IS MY FIRST PRESENTATION OF BLACK MONEY BILL. I WILL PUT MY SINCERE EFFORTS AND TRIED MY BEST TO MAKE THIS PRESENTATION USEFUL AND EASILY UNDERSTANDABLE. THANKS CA DEEPAK KAPOOR DIRECT TAX CONSULTANT

1. 
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2.  Black money is tax-evaded income. It is a
money earned but not reported to the
Government for tax purposes.
 It can be earned both through legal and
illegal means.
 It is generated at the rate of Rs. 50,000 Crore
per year.
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3.  Undisclosed Foreign Income & Assets bill 2015,
popularly known as Black Money Bill is currently
passed in Lok Sabha & Rajya Sabha.
 The bill will be enacted once it is cleared by both
the houses of parliament and receives
Presidential assent.
 The Bill if enacted, shall come into force from 1
April , 2016.
 It extends to whole of India.
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4. The Special Investigation Team on black
money informed the Supreme Court that 339
accounts in HSBC bank held by Indians had a
net amount of Rs 6,400 Crore on which the
income tax department has raised a demand
of Rs 4,520 Crore.
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5.  Person having R+OR in India & also Indian
Companies.
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6. A person should be Resident in India if he
fulfills either of these two conditions: -
1)He/she has been in India in previous year
for 182 days or more.
or
2)He/she has been in India for 60 days or
more in previous year and 365 days or
more in the 4 years preceding previous
year.
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7. A person is an OR if he meets both of these
two conditions: -
1)He/she has been resident in India in 9 out
of the 10 years preceding previous year,
and
2)He/she h as, during the seven previous
years preceding that year, been in India for
a period of 729 days or less.
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8.  Income from source located outside India
which has not disclosed in ROI filed by the
assesse.
 Value of undisclosed asset located outside
India.
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9. 1. FMV of undisclosed asset.
2. Asset including financial interest in any entity.
Financial interest means : Interest that could result
in directly or indirectly receiving a pecuniary gain or
sustaining a pecuniary loss as a result of ownership
or interest in a business entity, or as a result of
salary, gratuity, or other compensation or
remuneration from any person.
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10.  Undisclosed income or asset shall be taxed at
flat rate of 30 %.
 No exemption or deduction or set off of any
carry forward losses shall be allowed.
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11. Offence Penalty
First time offence :-
Willful evasion of Tax 3 time of Tax+ Imprisonment(3
years- 10 Years)
Failure to File Return/Furnishing
Inaccurate Particulars
Rs 10 Lacs + Imprisonment
(6months-7years)
Subsequent offence :- Rs5 lakhs to 1 Cr + upto 10 years
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12.  Assessee also allowed to get one time opportunity
to declaring them. Time period will be notified
after passing the bill. But it is only an opportunity
to come clean & relief from stringent provisions of
imprisonment.
 They can file declaration of income or/and Asset :
pay tax @ 30% Flat rate + penalty=tax amount.
 Upon fulfilling these conditions a person shall not
be prosecuted under the bill and the declaration
made by him will not be used as evidence against
him under the Wealth Tax Act , FEMA Act, Co. Act
or any other Act.
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13.  Failure to report bank account with maximum
balance of Rs. 500000 at any time during the
year will not entail any penalty or
prosecution.
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14.  The provisions of the bill also incorporate the
provision dealing with assessment and the
appellate mechanism i.e. the requirement of
mandatory issue of notices to the person
against whom proceedings are being initiated
,grant of opportunity of being heard,
necessity of taking the evidence produced by
him into account, recording of reasons,
passing of orders in writing ,limitation of time
for various action of tax authorities etc
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15.  The bill empower to enter into agreement
with other countries for exchange of
information , recovery of tax & avoidance of
double taxation.
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16.  After window open to self declaration within
time , you can not turn back later & claim that
taxes are paid inanother jurisdiction & hence
not declared.
 Not declaring within stipulated time will also
results in denial of credits under Double
Taxation.
 Appeal can also be filed to ITAT , H.C. & S.C.
on substantial question of law.
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17.  Beneficiary of foreign assets will be
mandatorily required to file return , even if
there is no taxable income.
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18. A house property located outside India was
acquired by an assessee in the previous year
2009-10 for fifty lakhs rupees. Out of the
investment of fifty lakhs rupees, twenty lakhs
rupees was assessed to tax in the total income of
the previous year 2009-10 and earlier
years. Such undisclosed asset comes to the
notice of the Assessing Officer in the year 2017-
18. If the value of the asset in the year 2017-18
is one Crore rupees, then the amount chargeable
to tax shall be A-B=C , where:
A=Rs.1 Crore, B=Rs. (100 x 20/50) Lakh= Rs.40
Lakh, C=Rs. (100-40) Lakh=Rs.60 Lakh.
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19.  The black money bill covers some very important
grounds in terms of covering the international
aspects of black money held abroad.
 The bill will not only result in increased tax
collections but will also significantly enhance the
investment climate in the country.
 In this regard India and the 20 countries have
committed to a global framework for information
exchange.
 It also results in better economic growth of the
country.
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20.  Hope this presentation is useful for you.
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21. CA Deepak Kapoor
You can also reach me at :
Gmail : cadeepakkapoor1@gmail.com
Contact: 9953443082
Whats app on -9034241990
U can also like my facebook page – ICAI INDIA &
Hindu
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